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GTC Biotherapeutics (GTCB) Reports Second Quarter 2010 Financial Results


7/27/2010 8:30:13 AM

FRAMINGHAM, Mass.--(BUSINESS WIRE)--GTC Biotherapeutics, Inc. ("GTC", OTCBB: GTCB) today reported its financial results for the second fiscal quarter ended July 4, 2010. The total net loss for the second quarter improved to approximately $0.3 million, or $0.01 per share, compared to $10.8 million, or $1.03 per share, for the second quarter of 2009. The total net loss for the first six months of 2010 was $8.1 million, or $0.27 per share, compared to $21.1 million, or $2.03 per share, for the first six months of 2009. The decrease in the net loss in 2010 is primarily a result of the award of approximately $4.1 million to GTC from LEO Pharma, of which approximately a $3.8 million gain was recorded to other income, as well as the recognition of deferred revenue of approximately $4.4 million in connection with the International Chamber of Commerce (ICC) arbitration proceedings.

Read at BioSpace.com

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